Ulster Bank customer gets loan interest written off

A successful legal challenge by an Ulster Bank customer to get the full interest portion of his loan written of could pave the way for a number of similar cases.

Ulster Bank customer gets loan interest written off

A businessman from the west of Ireland, who did not want to be identified because he is appealing the decision, took his case against Ulster Bank on foot of the massive fines imposed on Royal Bank of Scotland (RBS) following its conviction for manipulating the euribor [euro interbank offered rate] index.

Ulster Bank is a wholly owned subsidiary of RBS. The basis of this case was a letter sent by Ulster Bank to the businessman in January 2006 informing him that his loan with the bank had been switched from the PRIME index to euribor index. The index will determine the cost of funding for the bank in any loan agreement.

Already a subscriber? Sign in

You have reached your article limit.

Unlimited access. Half the price.

Annual €130 €65

Best value

Monthly €12€6 / month

More in this section

The Business Hub

Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited